The backers of ‘LocalLease’ say it will also help local authorities meet challenging e-commerce targets set by central government.
Owned equally by the Royal Bank of Scotland, Societe Generale and IT specialist TrustMarque International, LocalLease says it has acted to fill a gap in the market.
Local government has suffered problems with asset finance with incidents of brokers channelling business towards favoured companies rather than acting in the interests of local authorities.
Cheltenham-based LocalLease claims a key benefit of the new system is that it will enable local government to obtain truly competitive quotes and allow transparency of information from lessors, with no hidden fees.
It is understood two authorities have signed up to the programme so far, and it is hoped more will sign up following the launch at last week’s Brighton conference.
Finance companies involved include include Lloyds TSB, The Royal Bank of Scotland, Lombard Asset Finance, Keyleasing, Kreditbank, Societe Generale, Krediet Finance, Hitachie Credit & Extralease.
A spokeswoman said: ‘All these backers account for about 50% of the market. We are also in discussions with the Bank of Scotland and Yorkshire bank, but there are only about 20 finance companies in the market anyway, so we should have over half of them in the scheme.’
She added: ‘LocalLease provides a central easy-to-use system that organises the preparation of tenders and presents quotations in an orderly, comprehensible format.
The system conforms to the best practice guidelines of both CIPFA and the Finance Leasing Association.
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